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Plus500 US Review: Best to Trade Futures in 2024?
Swen Keller
- Last Updated 20 August, 2024
- URL: https://us.plus500.com/
- Minimum Initial Deposit: $100
- Maximum Leverage: Varies per instrument and depends on the margin
- Platform App: Desktop, Mobile, Web
- Fiats Available: USD
- Withdraw Method: Bank transfer and debit card
- Payment Method: Bank transfer and debit card
- Trading Fees: Standard contract commission, Micro futures contracts commission, liquidation fee per contract, and withdrawal wire transfer fee
- Headquarter: Israel
- Year Founded: 2008
- Promotion: Deposit bonus of up to $200
Plus500 US Review: Our Opinion
Plus500 US is a futures trading platform best suited for experienced traders with low commissions for trading futures.
The futures trading platform stands out for its years of reliability in the United States futures market as it has been in the industry for more than 20 years.
It is also a full member of the CME Group and the National Futures Association, which makes it a trustworthy option.
Trading with leverage comes with a high risk and may not be suitable for everyone.
Important Risk Warning: Investing in and/or trading CFDs, financial instruments, commodities, and other assets involves a significant level of risk. There is a possibility of losing all the funds you have deposited. Prior to engaging in any such activity, it is essential that you fully understand and acknowledge the associated risks. Please be advised that Skrumble.com does not offer investment or any other form of advice. The information provided in our review should not be construed as financial advice in any way.
An Overview of Plus500 US Futures Trading Platform
Founded in 2008, Plus500 is headquartered in Israel and operates through regulated subsidiaries like Plus500 US, a Futures Commission Merchant registered by the US Commodity Futures Trading Commission. Plus500 US is only available to users who want to trade futures in the United States.
Plus500 is the main sponsor of top sporting teams like the Chicago Bulls, BSC Young Boys Club in Switzerland, and the Polish Legia Warsaw.
The Plus500 Futures trading platform offers futures on Forex, Cryptocurrencies, Indices, Energies, Metals, Equity Index, Interest Rates, and Agriculture.
It also provides margins on mini & micro futures contracts (micro e mini) and standard contracts.
Plus500 US is a member of the CME Group and the National Futures Association. It holds a premium listing on the Main Market of the London Stock Exchange with the symbol: PLUS. The futures trading platform is a constituent of the FTSE 250 index.
Pros
- Easy to navigate
- Offers educational resources
- Supports expert advisors
Cons
- Not suitable for beginners
Key Features of Plus500 US
Plus500 Economic Calendar
The Economic Calendar allows traders to monitor events like monetary policy decisions and economic indicators that can affect market movements.
The Plus500 Economic Calendar lists daily market-moving events and ranks them according to volatility using the built-in three-scales gauge.
Events with level 1 volatility do not have a significant effect on the market, events with level 2 volatility affect the market moderately while events with a volatility level of 3 have a significant impact on the market and are considered highly volatile events.
Aside from the volatility level, the Economic Calendar also displays various data about economic events such as the event name, related instruments, location, and relevance of the event.
All data displayed on the Plus500 Economic Calender comes directly from Dow Jones.
Plus500 Demo Account
Plus500 offers advanced and inexperienced traders a demo account to practice trading and test their trading strategies before the real market.
The demo account is funded with virtual funds which traders can use to trade in a simulated environment that mirrors actual market movements. The demo account is reinstated to its starting balance if the account balance drops to 200 EUR or its equivalent.
The demo account gives users access to major features available on Plus500 and enables them to trade Futures on currencies, indices, agriculture, etc. Plus500 gives unlimited access to the demo account. Trades can also have access to both the demo account and the Live account at the same time.
That said, Plus500 does not require users to have a live trading account to use the demo account.
Intraday Margin
With the Intraday Margin allows you to open trading positions in higher portfolio values than what you could have previously done with your own funds. This type of margin is considered low-cost in the Futures industry and is what makes your position leveraged.
That said, there is the potential or risk of heavy loss when using margins as when there is adverse market movements to your position, you’ll lose more than if you traded with just your own funds.
Available Instruments on Plus500
Plus500 offers Futures on Equity Index, Cryptocurrencies, Agriculture, Metals, Forex, Energy, and Interest Rates. These include E mini S&P 400, Micro WTI Crude Oil, Soybean Meal, Micro Gold, Australian Dollar, Micro Bitcoin, Micro Ether, 2Y T-Note, and much more.
Fees and Spread
Plus500 US does not charge inactivity fees, withdrawal/deposit fees, routing fees, platform fees, or data fees. The fees charged for trading futures on Plus500 are dependent on the fees that CME Exchange members are to charge.
That said, these are the types of fees charged Standard contract commission (0.89), micro contract commission (0.49), and liquidation fee per contract ($10). It is important to note that Exchange and NFA fees are passthrough fees and will be applied per side when trading futures.
Payment Methods
Plus500 supports bank transfers and debit cards as payment methods. It does not charge deposit and withdrawal fees. That said, the minimum sum for bank deposits is $200 while the minimum sum for debit card payments is $100.
The processing time for bank transfers is 24 hours while debit cards are instant. However, Plus500 states that an additional time can be added due to the user’s bank or financial institution.
Security
Plus500 is authorized and regulated by top-tier regulators: the National Futures Association (NFA) and the Commodity Futures Trading Commission (CFTC).
Beyond regulation, Plus500 holds clients’ funds in segregated bank accounts and not together with company funds. The broker does not invest or engage in hedging with client funds.
It does not offer negative balance protection on its Futures platform. However, it offers take-profit and close at loss functions for risk management.
In terms of platform security, Plus500 uses 256-bit SSL encryption and implements several safety protocols to safeguard sensitive user data, this includes SSL encryption during all data transfers.
Plus500 also offers two-factor authentication, password protection, and a logout timer that logs users out of the platform (both mobile and Web) when bit in use.
Supported Countries
Plus500 US is only available to users in the United States.
Plus500 CFD is available to traders in 50 countries including Japan, Australia, the United States, Estonia, Singapore, Israel, Seychelles, New Zealand, Bulgaria, etc.
Plus500 is not available in regions or jurisdictions where its services are prohibited.
Licenses Held by Plus500 US
Plus500 US is a registered futures commission merchant, a member of the CME Group and the National Futures Association.
Opening a Plus500 US Account
The personal data requirements to open a Plus500 US account include:
- Name, date of birth
- Country of residence and residential address
- Social security and mobile number
- Employment status
- Financial information (source of funds, annual income, and net worth)
- Level of experience trading futures contracts
If you have the above information you can proceed to the official Plus500 website for United States clients. Note that Plus500 US is only for United States clients.
Once there, click on the Start Trading button at the upper right corner of your screen.
On the next page that opens you’ll see 2 options under the Select Account Mode menu (Real Account) and (Demo Account). The free demo account is for beginners who want to test their trading strategies with virtual funds or experienced traders who want to improve their trading strategies for futures contracts.
Tap on the Real Money button to trade futures with real-world funds.
Enter your email address and create a password.
Next, you’ll need to verify your identity by providing requested documents that prove the information you entered for Name, date of birth, country of residence and residential address, and Social security and mobile number.
You’ll also need to answer a questionnaire with questions about your financial status, and level of experience (can you trade futures, are you a beginner, etc.)
After successfully answering all questions, the Plus500 US will go over your application to see if you’re eligible to trade the futures market via their platform.
Trading Experience on Plus500 US
Plus500 offers a trading experience best suited for experienced traders who have traded futures contracts in the past and are used to the movements of the futures market.
It offers a Futures Contracts Trading Academy, as well as, a demo account for beginners to get a grasp of the platform before using real money.
The trading platform offered to trade futures contracts on Plus500 is its proprietary web and mobile app available on the Google Play Store and Apple App Store.
It supports a wide range of markets including the futures market on Forex, Cryptocurrencies, Indices, Energies, Metals, Equity Indices, Interest Rates, and Agriculture.
Customer Service
Plus500 offers customer support via email and phone. Customer support is also available via Live chat, its official WhatsApp, and other social media accounts on Facebook, Twitter, and Instagram.
Users can also contact the support team by filling out the support form on the “Contact Us” page on the Plus500 website.
Customer Satisfaction
Based on our direct experience and other customer reviews on third-party review platforms we can state that Plus500 offers fast and helpful support to users. The support team is responsive and quickly resolves issues.
The platform is also easy to navigate and a good platform to use if you are a Futures Trader.
Does Plus500 US Offer Education?
Yes, Plus500 US offers educational resources via its Trading Academy that includes articles and videos on Futures Equity Indices, Crypto, Agriculture, commodities, and more.
Is Plus500 US Right for You?
Plus500 is best for experienced traders looking to trade the Futures financial markets with low fees. It isn’t for beginners as Futures trading in the financial markets is risky and can result in loss of funds.
If you’re a beginner the platform recommends using their free demo account and Trading Academy before depositing real funds.
Final Thoughts
Plus500 US offers a wide selection of tradable instruments and is the perfect choice for traders looking for a low-cost futures trading platform.
The platform is also a reliable option as it is fully regulated, offers client funds segregation, which ensures the security of the platform, and has been in the Futures industry in the United States for over 20 years.
That said, beginners will find the futures broker complex and would need to use the demo account and undergo the Trading Academy to understand how it works.
FAQ
Most frequent questions and answers
Yes, you can use Plus500 in the USA via its subsidiary Plus500 US, a futures platform that supports mini and micro futures and standard contracts. This is different from its retail CFD accounts platform, Plus500 CFD.
Yes, it is registered with the Commodity Futures Trading Commission and all relevant bodies for Futures trading in the United States and has been on the scene for over 20 years.
Plus500 segregates clients’ deposits and does not pool customer funds with its operational resources.
No, Plus500 is best for advanced traders. Beginners risk their funds due to poorly executed trades. The platform recommends beginners to use the demo account and learn Futures trading using their Trading Academy.
For users looking to participate in the Futures market without having to deposit large sums, E-Mini Futures trading contracts are a great option.
E-Mini Futures are electronic contracts representing a fraction of the size of a regular Futures contract. So just like the standard Futures contracts, E-Minis provides users with access to different markets like Agriculture, Interest Rates, Forex, etc. Concerning the available exchanges where you can trade E-Mini, the Chicago Mercantile Exchange (CME) is the main one. The CME is one of the biggest and most popular Futures exchanges globally.
E-Mini Futures operate just like regular Futures trading contracts as they are also an agreement between a buyer and seller to transact a particular instrument at a given time and quantity in the future. The difference between them is that E-Minis are one-fifth of regular Futures and are available to smaller funded traders. E-Minis also enables traders to leverage returns if the price of the underlying asset moves in their favor, which hedges their position against price movements.
We always try to provide the most accurate information available, and make sure our team follow through.
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